Market To Consolidate In A Range, Initiate Long Only If Nifty Closes Above 18339

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that the Indian Stock Market would remain choppy and BankNifty would also see the profit booking and exactly the same happened. Indian Stock Market moved positive but was not able to sustain higher levels and fell down sharply from there to see lows right at EquityPandit’s predicted support levels of 18170 for Nifty like a dot. Finally, Indian Stock Market closed the gap negative for the day as expected.

Today: Indian Stock Market will open flat. Technically, Nifty is still in the negative zone whereas BankNifty is in the positive zone. Nifty would enter into the positive zone once it closes above 18339 for Nifty whereas BankNifty would enter into the negative zone once it closes below 40499 levels. Until either of this happens, the market would continue to consolidate in a rangebound region. Traders can wait for the confirmation of the trend and take the trade in that direction.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1913.36 crores whereas DIIs were net buyers of Rs.472.48 crores in the cash market for the last trading session. Nifty would see strong support at 18170-18110-18035-17950 whereas strong resistance would be seen at 18315-18385-18440-18508 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18211) The support for the Nifty is 18170-18110-18035-17950 and the resistance to the up move is at 18315-18385-18440-18508 levels.

NSE BankNifty: (40874) The support for Bank Nifty is 40770-40615-40508-50440 and the resistance to the up move is 41035-41115-41240-41385 levels.

BSE Sensex: (61143) The support for the Sensex is 61940-60815-60707-60650 and the resistance to the up move is at 61365-61452-61540-61652-61770 levels.

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